Loop Commercial Vacancies on the Rise, Rents Falling

sudler-sothebys-logo 4 March 2010

Jones Lang LaSalle, Inc, just published the 2010 Chicago Skyline Review, its graphic report that highlights the downtown rental market. While vacancies in some key buildings are limited, including Willis Tower and several others, there is plenty of space available in prime locations.

Vacancy rates currently run at just under 15%, which is up 5% from a year ago, and rents have decreased about 25%. Three new office buildings joined the market in 2009, but no additional units are expected in the next several years. According to Jones Lang LaSalle, no significant influx of tenants is expected until at least 2011, since most employers want to see a much more stable economy before expanding operations or changing space. While this combination has building owners concerned about their maturing debt and building value. However, Jones Lang LaSalle managing director Bruce Miller projects that most lenders will extend terms before suing for foreclosure, and that more of these buildings will be marketed in the near future.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today's chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy's educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals - both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through 'pit bull' negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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